Automotive Financial Services in Eastern and South-Eastern Europe

Published by: Finaccord Ltd.

Published: Sep. 1, 2007 - 280 Pages

Table of Contents

0.0 EXECUTIVE SUMMARY

Finance and leasing: a market worth €24.8 billion in gross advances and assets leased in 2006…

… with point-of-sale finance claiming a share of around 66.1% of the total market value

Average point-of-sale take-up rates among buyers of new cars remain relatively weak in Russia

In at least three countries, dealers are expanding the number of providers with which they work

Dealers typically constitute an important distribution channel for underwriters of motor insurance…

… with average take-up rates high as a result of automatic packaging within finance and leasing

Creditor insurance: programs for payment protection insurance are most in evidence in Turkey

Extended warranties: policies sold alongside new cars make up the bulk of the total market value

Road assistance: local assistance entities impede the progress of international firms

International comps. increasingly seek to build a position in local finance and leasing markets…

… an activity that may also result in further changes in the owner. patters of captive finance arms

The times lines for development of ancillary auto. financial services vary by product and country

1.0 INTRODUCTION

What is this report about?

The focus of the report is on financial services related to the sale of passenger cars to individuals

Rationale

Financial services provision is crucial to the profitability of automotive entities…

… and extends to a range of insurance, warranty and assistance concepts…

… although published information on these markets remains at a premium

Changes in the structure of the dealer channel have implications for automotive financial services

Methodology

Dealer survey

Manufacturer survey

Market data

Computation of market data is based on a complex set of assumptions and variables…

… which Finaccord has compared against secondary information sources wherever possible

Definitions

Finaccord

PartnerBASE™

Other studies focused on automotive financial services in Europe

2.0 REGIONAL OVERVIEW

Introduction

Passenger vehicle data

The region’s passenger car parc is growing at an average annual rate of almost 5.0%

Five of the eight markets reviewed experience a rapidly growing market for new car sales

The region’s market for sales of used passenger cars is subject to robust development

The high share of new car sales of VAZ in Russia and Ukraine skews the competitive structure…

… with Renault Nissan emerging as the largest of the mainstream groups across the whole reg

Motor dealer data

The number of franchised dealership sales outlets expands most rapidly in Romania…

… although those in Turkey are by far the most productive in terms of average sales per outlet

Finance / leasing

Survey results

Provision of finance and leasing services is fundamental to the profitability of dealerships

Dealers are most likely to work with a high number of finance providers in Russia and Ukraine

The average number of finance providers used by Turkish dealers has almost tripled

Captive finance providers exert the greatest control over dealerships in Slovenia…

… although across the region as a whole their influence on dealers is relatively weak

Average customer take-up rates at the point of sale are highest for new cars in Bulgaria

Russian dealerships appear to have approved their effectiveness as financial intermediaries

Leasing accounts for more than 50% of all car finance deals for consumers in four countries

Over a half of manufacturer brands possess their own finance / leasing services in six countries

Market size and growth

In terms of the overall number of credit agreements, Russia’s market is the region’s largest…

… a status that it retains comfortably if point-of-sale finance is considered in isolation…

… and it accounts for over 45% of the region’s total market worth €24.78 billion in value terms

Private car finance in the region adds up to a market growing at an average annual rate of 35.8%

The increasing availability of point-of-sale and direct credit reduces the share of cash only sales

Total point-of-sale finance and leasing possessed a value of over €16 billion in 2006

For sales of new cars, point-of-sale finance is outpacing credit advanced by direct lenders

Across the whole region, point-of-sale finance for new cars is almost triple that of direct lending

The share of dealerships in finance provided for used car sales increases to 11.9% in 2006…

…with point-of-sale gross advances and assets leased amounting to €3.0 billion

Motor insurance

Over 80% of dealers interviewed offer motor insurance in all territories other than Slovenia

On average, Russian dealerships liaise with over eight underwriters each for motor insurance

Adherence to captive motor ins. propositions is most prevalent only in Greece and Romania

Average take-up rates for new cars for the region as a whole are in excess of 70%

… mainly as a consequence of automatic integration within finance and leasing packages

Slovenia appears to be the region’s least promising market for dealer-intermediated motor pols

Enthusiasm for branded or endorsed motor insurance varies widely from country to country

Dealer-intermediated motor insurance accounts for a significant percentage of the regional total

… with the Russian market alone likely to be worth almost €1 billion in gross written premiums

Creditor insurance

Automotive financial services embrace creditor insurance only in three of the eight countries…

… and in Russia, the penetration rate is indicative of awareness rather than active intermediation

Turkey achieves by far the most impressive average take-up rates for creditor insurance…

… a performance that is also visible in the overall cross-selling rates for the same product

Where present, a majority of schemes for creditor insurance are organised on an indirect basis

Direct lenders account for the majority of creditor insurance sold in conjunction with car finance…

… with only Turkish dealerships having built up much of a position as intermediaries in this area

Extended warranties

On average, over a third of dealers in the region are active in extended warranty sales

The average number of warranty providers used in Croatia is high relative to other countries

Only in Romania is there no evidence for the establishment of non-captive warranty schemes

Average take-up rates for extended warranties are strongest in Greece and Turkey…

… although overall take-up rates are lower as a result of the limited penetration among dealers

Only in Turkey have as many as a half of the brands reviewed established warranty programs

A reasonably sizeable market for extended warranties is developing in four of the eight countries

GAP insurance

A number of factors point to the future introduction to the region of GAP cover

Road assistance

Few manufacturer brands have yet set up formal road assist. services in Russia and Ukraine

Eastern and South-Eastern Europe is populated by both international and local competitors…

… with the latter category including SBA, ELPA, Romanian International Assistance and IKS

Manufacturers’ captive finance operations

Financial services constitute a crucial source of profitability to major automotive groups…

… although the sale of a 51% stake in GMAC by General Motors is a significant development

3.0 BULGARIA

Introduction

Passenger vehicle data

Sales of both new cars and used cars rise strongly in 2006 following years of stagnation

Total sales of 7,715 new cars in 2006 establish Peugeot Citroën as the Bulgarian market leader

Motor dealer data

Franchised dealership sales outlets exceed 200 in number for the first time in 2005

The limited number of sales contracts produces exceptionally high average sales per contract

Finance and leasing - market size and growth

New cars financed at the point of sale grow at an average rate of over 55% per annum…

… helping the total point-of-sale market to reach approximately BGN 463 million in 2006

The markets for private car finance and consumer lending are growing at roughly the same rate

Dealer survey - top level results

Dealers do not yet sell creditor or GAP ins. although a minority promote extended warranties

Over 80% of buyers of new cars take out finance / leasing and motor ins. at the point of sale

On average, Bulgarian dealers work with over three partners for finance and leasing

Almost all private car finance contracts in Bulgaria are in the form of leasing agreements

Competitor dynamics

Finance / leasing: Raiffeisen Leasing and Interlease are most commonly used by dealers…

… although they are challenged by a number of other firms attracted by market’s rapid growth

Motor insurance: three companies account for over a half of the dealer intermediated market

Extended warranties: warranty schemes are being promoted by a small minority of dealers

Manufacturer relationships

A significant number of importers have established their own leasing operations

Motor insurance: Allianz is an official partner for the importers of eight automotive brands

Extended warranties: few importers operate warranty schemes for the brands they manage

Road assistance: Allianz Assistance, Interamerican Assistance and the SBA are all utilised

Data bank

4.0 CROATIA

Introduction

Passenger vehicle data

Sales of used cars, including imports, are likely to have easily outgrown sales of new cars

The Opel, Renault and Volkswagen brands all hold a market share in excess of 10%

Motor dealer data

The number of dealer outlets peaks at 489 in 2003 but varies little over the full 2001-5 period

The sales efficiency of Croatian dealerships appears low when compared to the regional ave

Finance and leasing - market size and growth

Dealers gain ground in the market for finance and leasing offered to buyers of new cars…

… with the point-of-sale market attaining a value of around HrK 4.64 billion in 2006

Dealer survey - top level results

Extended warranties are promoted by over a half of Croatian dealerships

Average take-up rates for point-of-sale finance and leasing exceeds 70% for new car buyers

Dealerships typically collaborate with between three and four providers of finance and leasing

The vast majority of private car finance contracts take the form of leasing-based agreements

Competitor dynamics

Finance / leasing: through three separate units, UniCredit is the point-of-sale market leader

Motor insurance: Croatia Osiguranje and Allianz dominate distribution through dealerships

Extended warranties: a majority of Croatian dealerships promote non-captive warranties only

Manufacturer relationships

Finance / leasing: a number of brands maintain preferred partners for finance and leasing

Motor insurance: only the importers of Mitsubishi, Opel and Seat have formal relationships

Extended warranties: 12 brands had warranty progrs. up and running at the time of the research

Road assistance: a majority of brands collaborate with HAK in the field of breakdown recovery

Data bank

5.0 GREECE

Introduction

Passenger vehicle data

Sales of used vehicles continue to grow in Greece although sales of new cars stagnate

Eight manufacturer groups claim a market share in excess of 5.0% of registrations in 2006

Motor dealer data

The number of franchised dealer outlets in Greece reaches a five-year high of 1,721 in 2005

Greece’s unique geography is a likely cause of the country’s low average sales per outlet

Finance and leasing - market size and growth

The value of fin. organised at the point of sale declined for new cars between 2002 and 2006

The aggregate value of the private car finance market reaches €3.81 billion in 2006

Dealer survey - top level results

Schemes for creditor insurance and extended warranties are increasingly in evidence

More than one in two customers take out finance / leasing and motor ins. at the point of sale

Dealers have increased the average number of financial providers with which they co-operate

Lending-based contracts dominate point-of-sale finance in Greece

Competitor dynamics

Finance / leasing: captive provs. have seen a deterioration of their position at the point of sale

Motor insurance: Ethniki is the most frequently used non-captive provider in a fragmented mkt

Extended warranties: dealers promoting warranties tend to focus on captive programs

Manufacturer relationships

Finance / leasing: partnerships for manufacturer-branded finance and leasing are fragmented

Motor insurance: brokers play a prominent role in the market for branded motor insurance

Creditor insurance: in a majority of cases, deals for creditor insurance are organised indirectly

Extended warranties: Allianz runs warranty programs on behalf of six of the brands surveyed

Road assistance: Mondial Assistance and ELPA claim the majority of manufacturer relations

Data bank

6.0 ROMANIA

Introduction

Passenger vehicle data

Sales of new passenger cars surge at an average rate of growth per annum of 30.2%

Dacia alone accounts for well over one third of new passenger car registrations in Romania

Motor dealer data

Booming sales of new and used cars brings about a rapid inc. in the number of sales outlets

In terms of average sales per sales outlet, Romanian dealers appear to be relatively productive.

Finance and leasing - market size and growth

The volume of cars financed at the point of sale surges between 2002 and 2006…

… helping the market to increase at an average annual rate of 44.7% in value terms

Dealer survey - top level results

Extended warranties are in evidence but creditor insurance and GAP insurance remain absent

Average take-up rates are substantially higher for new cars than for used vehicles

On average, dealers collaborate with over two providers of finance and leasing services

Approximately six in ten consumers taking out finance opts for a leasing-based contract

Competitor dynamics

Finance / leasing: a leading trio of providers is likely to account for at least 50% of the market…

… although rapid market growth has also attracted a long tail of secondary competitors

Motor insurance: over 50% of Romanian dealers intermediate non-captive offerings

Extended warranties: where offered, extended warranties are exclusively captive products

Manufacturer relationships

Finance / leasing: in add. to RCI Leasing, the three Renault Nissan brands also work with BRD

Several manufacturer brands utilise a panel of three or more providers of finance and leasing

Motor insurance: fewer than a half of the manufacturer brands surveyed have created partners

Extended warranties: warranty programs have been introduced by only a handful of brands

Road assistance: through Dacia Asistenţă, Dacia operates its own assist. service in Romania

Data bank

7.0 RUSSIA

Introduction

Passenger vehicle data

Volumes of both new and used car sales make significant progress in Russia

The share of new car sales of national manufacturers slips from 79.7% in2004 to 49.5% in 2006

Motor dealer data

Finance and leasing - market size and growth

Sales of new cars financed through dealers. increase at an average annual rate of over 60%

… producing a market size comfortably in excess of RR200 billion in 2006…

… and contributing to a total market size that is over seven times greater than in 2002

Dealer survey - top level results

The core focus of car dealers in Russia remains on finance and leasing and motor insurance

Point-of-sale take-up rates for finance and leasing appear to have increased in recent years

Dealers work with an average of around ten partners for finance / leasing and motor insurance

Over 90% of consumer finance deals at the point of sale take the form of lend.-based contracts

Competitor dynamics

Finance / leasing: captive provs. begin to make headway in the crowded point-of-sale market

Getin Holding’s Carcade Leasing ranks among the most successful non-captive competitors

Motor insurance: the vast majority of dealerships intermediate non-captive propositions only

Extended warranties: most dealers that offer warranties do so without external assistance

Manufacturer relationships

Finance / leasing: manufacturers and importers have begun to introduce their own services…

… with both Raiffeisen Bank and Société Générale used as external partners in this respect

Motor insurance: only a minority of brands have established approved programs thus far

Creditor insurance: brands are only involved indirectly in the provision of creditor insurance

Extended warranties: only three automotive brands operate their own schemes

Road assistance: breakdown recovery is organised by dealers rather than by auto. brands

Data bank

8.0 SLOVENIA

Introduction

Passenger vehicle data

Although sales of used cars are rising, Slovenia’s passenger car market is largely mature

The Renault Nissan grouping accounted for almost one in four new car registrations in 2006

Motor dealer data

The number of dealership sales outlets recovers from the low point reached in 2002…

… although average sales per sales contract and sales outlet appear to be relatively low

Finance and leasing - market size and growth

Used car finance is the most attractive segment within Slovenia’s private car finance market

… with the total market rising at an annual ave. of 7.3% in value terms for the period reviewed

Dealer survey - top level results

Around three quarters of Slovenia’s car dealers are active in the distribution of motor insurance

Average take-up rates are significant only for finance and leasing and for motor insurance

Typically, dealers collaborate with between two and three providers of finance and leasing

Over 50% of car finance agreements concluded with consumers are leasing-based contracts

Competitor dynamics

Finance / leasing: NLB leads a pack of around ten non-captive competitors

Motor insurance: dealer involvement can almost always be classified as non-captive provision

Extended warranties: Marsh is pioneering non-captive extended warranties in Slovenia

Manufacturer relationships

Finance / leasing: Summit Leasing lays claim to the most partnerships for branded services

Motor insurance: only a handful of brands have appointed preferred partners in this field

Creditor insurance: through SKB Banka, Peugeot maintains an indirect relationship

Extended warranties: only two manufacturer brands have introduced schemes in Slovenia

Road assistance: AMZS works closely with a number of manufacturer brands in Slovenia

Data bank

9.0 TURKEY

Introduction

Passenger vehicle data

Sales of new vehicles in Turkey fall back from the peak of 451,000 achieved in 2004

Renault’s local manufacturing joint venture with Oyak is a key driver of its leadership position

Motor dealer data

Turkey registers average annual growth of 6.6% in the number of dealership sales outlets

… and average sales per sales contract and sales outlet are well ahead of the regional aves

Finance and leasing - market size and growth

The market for private car finance advances rapidly in the wake of the recession of 2002…

… with the combined point-of-sale and direct market for car finance worth some €6.75 billion

Dealer survey - top level results

Almost two thirds of Turkish dealers are now active in promoting creditor insurance…

… which has helped to boost average take-up rates that are high by the standards of the region

Dealers have expanded significantly the average number of finance firms with which they work..

Leasing is hardly ever offered as a financing option to consumers in Turkey

Competitor dynamics

Finance / leasing: over 75% of dealers collaborate with both captive and non-captive providers

Akbank, Garantibank and Işbank emerge as the leading non-captive partners used by dealers

Motor insurance: over 40% of dealers adhere exclusively to captive insurance offerings

Extended warranties: a notable prop. of dealers work only with independent warranty firms…

… which include DSSA, a Greek company that is also active in Cyprus and Portugal

Manufacturer relationships

Finance / leasing: a majority of brands collaborate with a panel of banking institutions…

… although Volkswagen Doğuş Finans is the main partner of Volkswagen grouping brands

Motor insurance: only six brands collaborate with a single partner for motor insurance

Creditor insurance: all relationships for payment protection insurance are classifiable as indirect

Extended warranties: most brands with warranty schemes manage these on an internal basis

Road assistance: Mapfre’s Tur Assist and IKS claim the lion’s share of manufacturer mandates.

Data bank

10.0 UKRAINE

Introduction

Passenger vehicle data

Sales of new passenger cars in the Ukraine surge to over 370,000 in 2006

Brands distributed by UkrAVTO Corporation dominate the market for new car sales

Motor dealer data

Finance and leasing - market size and growth

Point-of-sale finance is dominated by finance for new cars as opposed to used cars…

… although a majority of purchases of new and used cars continue to be financed by cash only.

Finance provided at the point of sale is growing at an average rate per annum of over 100%

… helping the total market for car finance to advance in line with non-mort. credit as a whole

Dealer survey - top level results

A quarter of dealerships surveyed promote extended warranties to buyers of new cars

Average take-up rates above 60% are recorded only for finance / leasing and motor insurance

Ukrainian dealerships typically intermediate finance sourced from a high number of banks

Leasing is rarely used as a means of automotive finance in Ukraine

Competitor dynamics

Finance / leasing: over a half of dealerships work with both captive and non-captive partners

OTP Bank and Ukrsibbank are the leading providers in an otherwise fragmented market

Motor insurance: a host of underwriters are targeting dealerships as a distribution channel

Extended warranties: several dealers promote schemes organised by manufacturers or imps.

Manufacturer relationships

Finance / leasing: official finance programs have been organised for a majority of car brands

Motor insurance: the main insurance partner of UkrAVTO Corporation is Generali Garant

Creditor insurance: brands are only involved indirectly in the provision of creditor insurance

Extended warranties: programs have been developed only by a small minority of brands

Road assistance: Garant Assistance and SOS Service Ukraine are the frontrunners

Data bank

GRAPHICS / TABLES

Dealers contacted for the research, segmented by country and manufacturer group affiliation

Manufacturer groups and brands contacted for the research

Overview of the passenger car parc in Eastern and South-Eastern Europe, 2002-6

Overview of new passenger car sales in Eastern and South-Eastern Europe, 2002-6

Overview of used passenger car sales in Eastern and South-Eastern Europe, 2002-6

New car registrations in Eastern and South-Eastern Europe segmented by manufacturer group, 2005/6

Number of franchised automotive dealership sales outlets in Eastern and South-Eastern Europe, 2001-5

Average sales volume per franchised automotive dealership sales outlet in E/SE. Europe, 2005

Comparison of % of dealers offering finance / leasing at the point of sale in E/SE. Europe, 2007

Comparison of average number of providers used by dealers offering finance / leasing in E/SE. Europe, 2007

Comp. of ave. number of provs. used by dealers offering fin. / leas. at the pos. in E/SE. Europe, 2004-7 (data)

Comp. of captive / non-captive op. mods. used by dealers offering fin. / leas. at the pos. in E/SE. Europe, 2007

Comp. of captive / non-cap. op. mods. used by dealers off. fin. / leas. at the pos. in E/SE. Europe, 2007 (data)

Comp. of ave. % of new and used car purchasers contracting fin. / leas. at the pos. in E/SE. Europe, 2007

Comp. of % of new and used car purchasers contracting fin. / leas. at the pos. in E/SE. Europe, 2004-7 (data)

% of split of auto. finance at the pos. between lending-based and leasing-based conts. in E/SE. Europe, 2007

Comp. of % of manufacturers / importers with arrangements for branded fin. / leas. in E/SE. Europe, 2007

Comp. of volume of passenger cars financed in E/SE. Europe seg. by new / used and by dist. channel, 2006

Comp. of vol. of pass. cars financed in E/SE. Europe seg. by new / used and by dist. channel, 2006 (data)

Comp. of value of passenger cars financed in E/SE. Europe seg. by new / used and by dist. channel, 2006

Comp. of value of pass. cars financed in E/SE. Europe seg. by new / used and by distr. channel, 2006 (data)

Key data points for the pass. car fin. mkt. in E/SE. Europe seg. by dist. channel: vols. and values, 2002-6

Total passenger car finance market in E/SE. Europe segmented by distribution channel: volumes, 2002-6

Total passenger car finance market in E/SE. Europe segmented by distribution channel: values, 2002-6

New passenger car finance market in E/SE. Europe segmented by distribution channel: volumes, 2002-6

New passenger car finance market in E/SE. Europe segmented by distribution channel: values, 2002-6

Used passenger car finance market in E/SE. Europe segmented by distribution channel: volumes, 2002-6

Used passenger car finance market in E/SE. Europe segmented by distribution channel: values, 2002-6

Comparison of % of dealers offering motor insurance at the point of sale in E/SE. Europe, 2007

Comparison of average number of providers used by dealers offering motor insurance in E/SE. Europe, 2007

Comp. of captive / non-captive op. models used by dealers off. motor ins. at the pos. in E/SE. Europe, 2007

Comp. of captive / non-capt. op. mods. used by dealers off. motor ins. at pos. in E/SE. Europe, 2007 (data)

Comp. of ave. % of new and used car purchasers contracting motor ins. at the pos. in E/SE. Europe, 2007

Comp. of overall % of new and used car purchasers contracting motor ins. at the pos. in E/SE. Europe, 2007

Comp. of ave. and overall % of new / used car purch. acq. motor ins. at the pos. in E/SE. Europe, 2007 (data)

Comp. of % of manufacturers / importers with arrangements for branded motor ins. in E/SE. Europe, 2007

Approximate size of the dealer-intermediated motor ins. market in Eastern and South-Eastern Europe, 2006

Comp. of % of dealers offering creditor insurance at the point of sale in E/SE. Europe, 2007

Comp. of ave. % of new and used car purchasers acq. creditor ins. services at the pos. in E/SE. Europe, 2007

Comp. of ove. % cross-sell rates at the pos. among new / used car purch. for cred. ins. in E/SE. Europe, 2007

Comp. ave. and ove. % crs.-sell rates at the pos. new / used car purch. for cred. ins. in E/SE. Eu., 2007 (data)

Comp. of % of manufacturers / importers with arrangements for branded creditor ins. in E/SE. Europe, 2007

Approximate size of the creditor ins. market linked to passenger car finance in E/SE. Europe, 2006

Comp. of % of dealers offering extended warranties at the point of sale in E/SE. Europe, 2007

Comp. of ave. number of providers used by dealers offering extended warranties in E/SE. Europe, 2007

Comp. of captive / non-captive op. models used by dealers offering ext. wts. at the pos. in E/SE. Europe, 2007

Comp. of captive / non-capt. op. mods. used by dealers off. ext. wts. at the pos. in E/SE. Europe, 2007 (data)

Comp. of ave. % of new and used car purch. contracting ext. wts. at the pos. in E/SE. Europe, 2007

Comp. of overall % of new and used car purchasers contracting ext. wts. at the pos. in E/SE. Europe, 2007

Comp. of ave. / overall % of new and used car purch. acq. ext. wts. at the pos. in E/SE. Europe, 2007 (data)

Comp. of % of manufacturers / imps. with arrangements for branded ext. warranties in E/SE. Europe, 2007

Approximate size of the market for extended warranties for new and used cars in E/SE. Europe, 2006

Partner market shares for manufacturer-branded road assistance in Eastern / South-Eastern Europe, 2007

Partner market shares for manufacturer-branded road assistance in E/SE. Europe, 2007 (data)

Global financial services revenues and pre-tax profits of major automotive manufacturer groups, 2005-6

Passenger car parc and new / used passenger car sales in Bulgaria, 2002-6

New car registrations in Bulgaria segmented by manufacturer group, 2006

Number of franchised automotive dealership sales outlets in Bulgaria, 2001-5

Key data points for the franchised automotive dealership distribution channel in Bulgaria, 2005

New / used passenger car finance market in Bulgaria segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Bulgaria segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Bulgaria, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Bulgaria, 2007

Average number of various automotive financial services providers used by dealers in Bulgaria, 2007

% of split of automotive finance at the point of sale in Bulgaria between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Bulgaria, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Bulgaria, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Bulgaria, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Bulgaria, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Bulgaria, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Bulgaria, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Bulgaria, 2007

Key data points for automotive financial services in Bulgaria, 2002-6

Passenger car parc and new / used passenger car sales in Croatia, 2002-6

Number of franchised automotive dealership sales outlets in Croatia, 2001-5

Key data points for the franchised automotive dealership distribution channel in Croatia, 2005

New / used passenger car finance market in Croatia segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Croatia segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Croatia, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Croatia, 2007

Average number of various automotive financial services providers used by dealers in Croatia, 2007

% of split of automotive finance at the point of sale in Croatia between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Croatia, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Croatia, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Croatia, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Croatia, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Croatia, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Croatia, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Croatia, 2007

Key data points for automotive financial services in Croatia, 2002-6

Passenger car parc and new / used passenger car sales in Greece, 2002-6

New car registrations in Greece segmented by manufacturer group, 2006

Number of franchised automotive dealership sales outlets in Greece, 2001-5

Key data points for the franchised automotive dealership distribution channel in Greece, 2005

New / used passenger car finance market in Greece segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Greece segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Greece, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Greece, 2007

Average number of various automotive financial services providers used by dealers in Greece, 2007

% of split of automotive finance at the point of sale in Greece between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Greece, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Greece, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Greece, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Greece, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Greece, 2007

Pen., op. models and direct partner market shares for man.-branded creditor ins. in Greece, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Greece, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Greece, 2007

Key data points for automotive financial services in Greece, 2002-6

Passenger car parc and new / used passenger car sales in Romania, 2002-6

New car registrations in Romania segmented by manufacturer group, 2006

Number of franchised automotive dealership sales outlets in Romania, 2001-5

Key data points for the franchised automotive dealership distribution channel in Romania, 2005

New / used passenger car finance market in Romania segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Romania segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Romania, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Romania, 2007

Average number of various automotive financial services providers used by dealers in Romania, 2007

% of split of automotive finance at the point of sale in Romania between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Romania, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Romania, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Romania, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Romania, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Romania, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Romania, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Romania, 2007

Key data points for automotive financial services in Romania, 2002-6

Passenger car parc and new / used passenger car sales in Russia, 2002-6

New car registrations in Russia segmented by manufacturer group, 2006

New / used passenger car finance market in Russia segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Russia segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Russia, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Russia, 2007

Average number of various automotive financial services providers used by dealers in Russia, 2007

% of split of automotive finance at the point of sale in Russia between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Russia, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Russia, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Russia, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Russia, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Russia, 2007

Pen., op. models and direct partner market shares for man.-branded creditor ins. in Russia, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Russia, 2007

Key data points for automotive financial services in Russia, 2002-6

Passenger car parc and new / used passenger car sales in Slovenia, 2002-6

New car registrations in Slovenia segmented by manufacturer group, 2006

Number of franchised automotive dealership sales outlets in Slovenia, 2001-5

Key data points for the franchised automotive dealership distribution channel in Slovenia, 2005

New / used passenger car finance market in Slovenia segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Slovenia segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Slovenia, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Slovenia, 2007

Average number of various automotive financial services providers used by dealers in Slovenia, 2007

% of split of automotive finance at the point of sale in Slovenia between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Slovenia, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Slovenia, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Slovenia, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Slovenia, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Slovenia, 2007

Pen., op. models and direct partner market shares for man.-branded creditor ins. in Slovenia, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Slovenia, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Slovenia, 2007

Key data points for automotive financial services in Slovenia, 2002-6

Passenger car parc and new / used passenger car sales in Turkey, 2002-6

New car registrations in Turkey segmented by manufacturer group, 2006

Number of franchised automotive dealership sales outlets in Turkey, 2001-5

Key data points for the franchised automotive dealership distribution channel in Turkey, 2005

New / used passenger car finance market in Turkey segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Turkey segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Turkey, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Turkey, 2007

Average number of various automotive financial services providers used by dealers in Turkey, 2007

% of split of automotive finance at the point of sale in Turkey between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Turkey, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Turkey, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Turkey, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Turkey, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Turkey, 2007

Pen., op. models and direct partner market shares for man.-branded creditor ins. in Turkey, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Turkey, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Turkey, 2007

Key data points for automotive financial services in Turkey, 2002-6

Passenger car parc and new / used passenger car sales in Ukraine, 2002-6

New car registrations in Ukraine segmented by manufacturer group, 2006

New / used passenger car finance market in Ukraine segmented by dist. channel: volumes, 2002-6

New / used passenger car finance market in Ukraine segmented by dist. channel: values, 2002-6

% of dealers offering various automotive financial services in Ukraine, 2007

% of new and used car purchasers contracting auto. fin. services at the point of sale in Ukraine, 2007

Average number of various automotive financial services providers used by dealers in Ukraine, 2007

% of split of automotive finance at the point of sale in Ukraine between lending and leasing contracts, 2007

Pen., op. mods. and non-captive part. mkt. shares for finance / leasing mktd. by dealers in Ukraine, 2007

Pen., op. mods. and non-captive part. mkt. shares for motor insurance mktd. by dealers in Ukraine, 2007

Pen., op. mods. and non-captive part. mkt. shares for extd. warranties mktd. by dealers in Ukraine, 2007

Pen., op. models and non-captive part. market shares for man.-branded finance / leasing in Ukraine, 2007

Pen., op. models and partner market shares for man.-branded motor insurance in Ukraine, 2007

Pen., op. models and direct partner market shares for man.-branded creditor ins. in Ukraine, 2007

Pen., op. models and partner market shares for man.-branded extd. warranties in Ukraine, 2007

Pen., op. models and partner market shares for manufacturer-branded road assistance in Ukraine, 2007

Key data points for automotive financial services in Ukraine, 2002-6

Abstract

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